Components formed of magnesium offer advantages such as high strength to weight ratio when compared to similarly sized components formed of aluminum or ferrous based materials. For example, wheels have been forged from magnesium for specialized applications such as racing vehicle wheels. The use of magnesium wheels for non-specialty vehicles has been limited by the poor corrosion performance of magnesium. Coatings applied to the surface of magnesium components, for example, aluminum diffusion or diffused aluminum coatings, to improve the corrosion performance of the magnesium, have been developed, however spalling and chipping of applied coatings negates the protective effect of the coating. The material, processing time, equipment, handling and transportation and associated costs required for applying coatings in a secondary process such as aluminum diffusion or diffused aluminum coatings to magnesium components represent time and cost disadvantages.